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cipic17
New Member

401K over contribution

I have 2 W-2's and I  over contributed to my 401(k), do i deduct the overpayment amoutn when entering the info from my W-2's?  I have added the overpayment amount under other wages, and also inputed the overpayment as it shows on my W-2 -  at this point I am unable to file my taxes as turbo tax keeps advising over the overpayment -  should I just not input the amount on the 1 W-2 that is the overpayment?

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1 Reply

401K over contribution



You should NOT change any W-2 information. The IRS gets a copy from the employer and what you report must match. In addition if the W-2 box 1 amount is less the the box 3 amount the difference must be accounted for in box 12 - if not, that could be a "red-flag" audit trigger.

TurboTax has released a FAQ on this issue - scheduled for 4/5/2019

Excess 401(k) Contribution Preventing e-File

https://ttlc.intuit.com/replies/7327357

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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